Ann: Company Update, page-108

Dear Tolate,

You should be able to connect all red dots and come up with your conclusion. Why would you depend on Gracesteel's words and assurance. If Gracestreel is an outsider like you, how would he know what has been happening in ANS? Did you challenge him in the past where did he obtain information. It is your problem, if you believe him blindly. Don't blame others.

It has been more than 6 months and the ANS board is still not able to respond a simple inquiry from the ASX i.e., the source of funds and capital structure.

Don't bother about $58 million from ANS to SDL. Noteholders may take care it by converting the bonds/debts to shares if they do decide not to extend the acquisition deal from ANS by 31 March 2019 (Another 18 days to go).

If you are a holder of ANS, please ask ANS to focus on $50 million that WAPRC has promised to ANS for Oakajee project in Western of Australia. Looking at the current political tension between the US including Australia and China, do you think that China government will support $ 5 billion huge project in Australia? You should be able to answer this question by reading the news in Feb 2019 regarding the soft-ban of Australian thermal coal to enter China's ports. Good fact. Finally, the truth will be revealed gradually.